The European Insurance and Occupational Pensions Authority (EIOPA) has published today the Final Report on its public consultation on the draft Implementing Technical Standard (ITS) setting up procedures for the application of the transitional measure for the calculation of the Solvency II equity risk sub-module.

This draft ITS was publicly consulted by EIOPA on 3 December 2014 – 2 March 2015.

The Final Report containing the draft ITS, the impact assessment and the resolution of comments can be viewed here.

Legal background

Implementing Technical Standards define forms, templates and procedures for specific areas under Solvency II. They do not imply strategic decisions or policy choices.

EIOPA is exercising the power to draft the ITSs according to its Founding Regulation (1094/2010) and based on the empowerments introduced by the Omnibus II Directive, amending the Solvency II Directive.

The ITSs are to be endorsed by the European Commission, after which they are translated into all the EU official languages and become legally binding.